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$ 2,400,000
Est. payment /mo
Active Under Contract
999 Cordova Street Pasadena, CA 91106
1 Bed
1 Bath
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID P1-22624
Bedrooms 1
Property Sub-Type Res Income 2-4 Units
Property Description
Exceptional multifamily investment with ADU/redevelopment opportunity at 999 Cordova Street (aka 153 S. Catalina Avenue) in the City of Pasadena, California. With its rare large lot size of +/-12,171 SF in one of Pasadena's most sought-after neighborhoods at the intersection of Cordova Street and Catalina Avenue, the property presents an extraordinary opportunity to either redevelop ADU units, or redevelopment the entire property to up to 27 multifamily units with its CD-MU-N Zoning and leveraging the State of California's AB 2345 density bonus (Buyer verify). With its phenomenal location, the property is just minutes' walk from the South Lake Avenue commercial district, Old Town Pasadena, the Paseo shopping center, Caltech, Pasadena City College, and the Metro Gold Line. Tenants enjoy walkable access to a vibrant mix of retail, dining, and entertainment options, as well as close proximity to major employers.Therefore, the large +/-12,171 SF lot size may allow 18 units by right (Buyer verify). The investor/developer can benefit from the property's strong current income with rental upside from its existing 8 units.This meticulously maintained and professionally managed property features eight (8) existing 1 Bed / 1 Bath units with ample carport and street parking and attractive mid-century architectural charm. Some units have wood flooring and some have carpet. New electrical subpanels were installed in all eight units in 2025, and new exterior painting in 2023. The onsite laundry room generates additional income.Contact listing agents for Offering Memorandum. Buyer to verif
Location
State CA
County Los Angeles
Zoning Assessor
Direction Cordova St and Catalina Ave, 2 blocks east of S. Lake Ave.
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 5735027033
Listed by Tzu-ning Chang Keller Williams Realty